| |
| Eligibility |
- Salaried
individuals in permanent employment
|
|
- Professionals
& self employed persons
|
|
|
| Sanction
Limit |
- Upto
Rs.50,000/- - 100 % of the invoice value of the item
|
|
- Above
Rs.50,000/- - 75% of invoice value, backed by collateral security.
|
|
The
loan amount depends on the repaying capacity
|
|
Repayment period |
- Monthly
installments over a period of 2 - 3 years (24 or 36 months)
|
|
|
|
|
| Rate
of interest |
|
|
- Calculated
on the daily reducing balance of the loan
|
|
|
| Security |
- Hypothecation
of goods purchased
|
|
- Surety
of two individuals acceptable to the bank
|
|
|
| Documents
Required |
- Proof
of Residence - Xerox copy of Ration Card/Electricity Bill/Telephone
Bill
|
|
- Proof
of Income -
Salary Slip or Last 3 years Balance Sheets/Tax Returns
|
|
- Proforma
Invoices of the articles to be purchased
|
